India’s Tata Group mulls pumping $2 billion into super app venture -Bloomberg News

According to people familiar with the matter, Tata Group, the Indian conglomerate dealing in salt-to-software, is reportedly planning to invest another $2 billion in its super app venture to support its digital business. The funds would help Tata Neu, the group’s online platform, to improve its digital offerings, fix technical glitches, and cater to any potential future needs. The deal would take two years to complete, and Tata Group has asked its digital unit to increase the super app’s valuation. The e-commerce super app was launched in April 2020 by Tata Group, providing customers with various products, including clothing and air tickets, intending to capture market share in a rapidly expanding market that Amazon.com and Walmart’s Flipkart are currently dominating.

The report does not mention whether the deal has been finalised or whether there is any further comment.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Savio D’Souza and Varun H K)